A new research note from JPMorgan signals that U.S. CLARITY Act negotiations are approaching the finish line. According to the report, which was cited by CoinDesk, the number of sticking points has shrunk from roughly "over a dozen" to just 2-3 issues. Discussions around stablecoin rewards have also moved into a more productive stage. Although the final legislative text has not been released, the latest proposal could win support from both the crypto industry and traditional financial institutions.
From Over a Dozen to Just 2-3 Disputes
JPMorgan explicitly stated that the remaining disagreements have been reduced to only two or three matters. If progress continues, the final mile of lawmaking is not far off. This development indicates that U.S. lawmakers and regulators are gradually converging on a clear framework for digital assets.
Core Objective: Clarify SEC and CFTC Jurisdiction
The CLARITY Act aims to draw a clear regulatory map for U.S. digital assets—specifying which assets fall under SEC (Securities and Exchange Commission) oversight and which are regulated by the CFTC (Commodity Futures Trading Commission). This would resolve the long-standing jurisdictional confusion that has plagued the crypto industry. The bill also seeks to establish compliance rules for stablecoins and DeFi platforms, areas that have remained gray zones where businesses lack clear guidance and regulators lack explicit legal authority.
Stablecoin Reward Talks Show Signs of Breakthrough
The JPMorgan report highlighted that stablecoin reward discussions have entered a constructive phase. Whether stablecoins can bear interest had been one of the most contentious issues between the financial sector and the crypto industry during CLARITY Act negotiations. The fact that both sides have moved to a "constructive" stage suggests they have found common ground to compromise. The eventual regulatory arrangement on stablecoin interest is expected to balance investor protection and innovation.
The final version of the bill has yet to be published, but JPMorgan's analysis points to steady legislative momentum. If the CLARITY Act passes, the United States would establish a dominant position in digital asset regulation and set a precedent for global markets.